"Rex Tillerson's career is the embodiment of the American dream. Through hard work, dedication and smart deal making, Rex rose through the ranks to become CEO of ExxonMobil, one of the world's largest and most respected companies," Trump said in a statement. "His tenacity, broad experience and deep understanding of geopolitics make him an excellent choice for Secretary of State. He will promote regional stability and focus on the core national security interests of the United States."

I have chosen one of the truly great business leaders of the world, Rex Tillerson, Chairman and CEO of ExxonMobil, to be Secretary of State.

Tillerson, however, could face a tough road to confirmation in the Senate.

Already, a handful of Republican senators have expressed concerns over Tillerson's ties to Russian President Vladimir Putin, who bestowed Tillerson with the Order of Friendship, one of the highest awards given out by Russia.

Tillerson also managed Exxon's account with Russia, an oil-rich country.